BioCon Limited to Sell Stake in German Unit, AxiCorp for $59.37 Million

Reuters -- Biocon Ltd, India's largest listed biotechnology firm, said on Thursday it would divest its stake in German unit AxiCorp by the end of June, a move that would boost its profit margins.

The company, which roughly met estimates with a 25 percent rise in fourth quarter net profit, said the divestment is part of its focus on global alliances that would include Germany and did not require the company to have a separate unit for the region.